2 Required information Problem 12-3A Perform vertical and horizontal analysis (LO12-1, 12-2) [The following information

[answerhappygod]

2 Required Information Problem 12 3a Perform Vertical And Horizontal Analysis Lo12 1 12 2 The Following Information 1 (79.29 KiB) Viewed 14 times

2 Required Information Problem 12 3a Perform Vertical And Horizontal Analysis Lo12 1 12 2 The Following Information 2 (75.13 KiB) Viewed 14 times

2 Required Information Problem 12 3a Perform Vertical And Horizontal Analysis Lo12 1 12 2 The Following Information 3 (75.13 KiB) Viewed 14 times

2 Required information Problem 12-3A Perform vertical and horizontal analysis (LO12-1, 12-2) [The following information applies to the questions displayed below.) The balance sheets for Sports Unlimited for 2021 and 2020 are provided below. Problem 12-3A Part 1 Required: 1. Prepare a vertical analysis of Sports Unlimited's 2021 and 2020 balance sheets. Express each amount as a percentage of total assets for that year. (Amounts to be deducted should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 2021 2020 Amount % Assets Current assets: Cash $191,200 Accounts receivable 76,800 Inventory 79,200 Prepaid rent 9,600 Long-term assets: Investment in bonds 122,400 Land 202,400 Equipment 165,600 Less: Accumulated depreciation (47,200) Total assets $800,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 77,600 Interest payable 24,000 Income tax payable 23,200 Long-term liabilities: 232,800 Notes payable Stockholders' equity Common stock 192,000 250,400 Retained earnings Total liabilities and stockholders' $ 800,000 equity Amount $ 105,000 42,000 105,600 4,800 0 212,400 161,400 (31,200) $ 600,000 $ 79,200 12,000 19,200 169,800 192,000 127,800 $ 600,000 %
Problem 12-3A Part 2 2. Prepare a horizontal analysis of Sports Unlimited's 2021 balance sheet using 2020 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) SPORTS UNLIMITED Balance Sheets For the years ended December 31 Year Increase (Decrease) Amount % 2021 2020 Assets Current assets: Cash $ 191,200 $ 105,000 Accounts receivable 76,800 42,000 Inventory 79,200 105,600 Prepaid rent 39,600 4,800 Long-term assets: 18831 Investment in bonds 122,400O Land 202,400 212,400 Equipment 165,600 161,400 Less: Accumulated depreciation (47,200) (31,200) Total assets $800,000 $ 600,000 Liabilities and Stockholders' Equity Current liabilities: $ 77,600 $ 79,200 24,000 12,000 Accounts payable Interest payable Income tax payable Long-term liabilities: 23,200 19,200 232,800 169,800 Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and 192,000 192,000 250,400 127,800 $ 800,000 $ 600,000 stockholders' equity